Ethereum, bears in control. potential trade strategy

BITSTAMP:ETHUSD   Ethereum / Dollar
Position: Bearish , looking to scoop dips

For those of you who put martingale positions on the last ETH trading position, you made out nicely with the last drop down to 720 area. I scooped up some Ether at 1010 all the way down to 730, for a nice gain of almost $150 per eth when i got out at 959.

The daily chart indicates we are in a downtrend on the MACD and almost looks like we are forming a massive descending triangle , but that's debatable as it still needs to form. Overall trend lines are still pointing down, which indicates another sell off will happen. All though some of the MACD lines are crossing up on the larger time frame charts, they are still in sell territory. The MACD on the 1 hour has crossed which could indicate might be a signal we are going to start coming down again. We have some solid support at 850 with a fib line, and more support at 700 with a fib line and then again in the 500 area. If it breaks up, we'll look for it to form a solid base and break it's upward trendline , but nothing has formed indicating it's going back to a bull market.

We'll use the same strategy going into the next drop with martingale orders (if you don't know what this is, make sure you read up on it) starting at 871, 751, 630 and down to 530. Remember to start with a small percentage and weigh the lowest point with a large percentage of your portfolio. The target will be a swing up to the 900 area. However, depending on what happens with this bounce it might be worth holding for a move up to 1,000 or even higher. We'll see.

Make sure you do what's comfortable and suited to yourself, take these trade idea's for education, not financial advice, etc...

Don't stress, pick your points and don't use leverage.

Trade ist aktiv: First entry filled at $871, target of 939 in place for a quick flip if ETH decides to oscillate. I will put an order in again at $830 if this is filled. Otherwise waiting for the drop and other orders to get filled down lower
Trade ist aktiv: 2nd entry filled at 751, target of 939 put in place
Trade ist aktiv: 3rd entry filled at 631. Same Target. Will adjust target down if the 4th order gets filled
Trade wurde manuell geschlossen: Forming a bit of a double top around 864, got out around 830ish. Might be a little early but made $130/eth which is good enough for me and didn't want to watch it anymore.
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